House Rejects $700 Billion Rescue Plan The U.S. House of Representatives on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Continue Black Monday? Global Investors vote "No" on Paulson's Bailout The Paulson Plan I've Watched the Economy for 30 Years. Now I'm Truly Scared The Rich Are Staging a Coup This Morning A Shattering Moment In America's Fall From Power In case you missed it In case you missed it The American Dream?: Medical costs force couples to divorce: Rudy Friece had to divorce his wife of 48 years, Emily Friece, who has now passed away, so that she could get Medicaid for her chemotherapy treatments, which wouldn't be provided to her if she remained married. Five UK banks may qualify for US bailout package': "Britain's five leading high street banks have as much as 95.3 billion pounds (USD 175 billion) of distressed assets on their books that may qualify for the American bailout scheme," The Times reported. Dow falls 700: Blue chips off as much as 700 points at Monday low, Nasdaq off 6%: Stocks sell off as Wall Street begins to throw in towel on bailout Fed Pumps Further $630 Billion Into Financial System: The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities. Bank bailouts : U.S. Stock-Index Futures Retreat; Citigroup, Wachovia Slump: Investor Marc Faber, who predicted the 1987 ``Black Monday'' crash, said last week the rescue package may require as much as $5 trillion. U.S. stocks hammered as Fed adds more liquidity: U.S. stocks plunged Monday as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of billions of dollars more into the financial system. Protests on Wall Street - what the news media isn't showing you?: Hundreds of protestors demonstrated agains the proposed $700 Billion bail out plan for the finance and banking industry, yet the national news media in America didn't even report it! Why not Tories 'bankrolled by the City wolves' who made a killing from financial crash: Party leader David Cameron has apparently accepted almost £2million from the wealthy financiers who are members of his exclusive 'Leader's Group' dining club. Who is Henry Paulson?: According to the International Herald Tribune, Paulson “was one of the first Wall Street leaders to recognize how drastically investment banks could enhance their profitability by betting with their own capital instead of acting as mere intermediaries.” Paulson “stubbornly assert[ed] Goldman’s right to invest in, advise on and finance deals, regardless of potential conflicts.”
29/09/08
By Mike Whitney
The bill is just Paulson's way of carving a silver canoe for he and his brandy-drooling investor buddies so they can paddle away to some island paradise while the rest of us drown in a bottomless ocean of debt. Continue
The Rise Of The American Oligarch Class
By Robert Wenzel
Is the play for the Oligarchs to grab the banks, the assets and the mortgages and then inflate the money supply boosting the value of all these assets by trillions, while the rest of us simply get to deal with the price inflation as higher prices at the grocery store, the gas pump and everywhere else? Continue
By Will Hutton
If more people understood what has happened in the British and American banking system, the financial crisis would only be containable by the immediate partial nationalisation of every bank in Britain and America.. Continue
By Michael Moore
After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. Continue
By John Gray
The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over. Continue
Bin Laden: Goal Is To Bankrupt U.S.
Al-Jazeera releases full transcript of al Qaeda leader's tape
"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript. He said the mujahedeen fighters did the same thing to the Soviet Union in Afghanistan in the 1980s, "using guerrilla warfare and the war of attrition to fight tyrannical superpowers." Continue
Bush Wants To Bankrupt America: There is Method To His Madness
By Sam Hamod
This plan is so obvious at this point that it is hard to believe because it is happening so fast and the Democrats and even conservative non- neo-con Republicans don't realize what Bush and his neo-con buddies are up to. Continue
Tuesday, 30 September 2008
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